Fox Business Network: MF Global's Systems Were Not Updated To Support Prop Trading Business Model

FOX Business Network (

) Senior Correspondent Charlie Gasparino reports “MF Global's compliance systems were not fully upgraded under Corzine.” Sources tell Gasparino “there wasn't a completed compliance regime in place to take into account the new proprietary trading business model.” Excerpts from the report are below, courtesy of Fox Business Network.

“FOX Business Network has learned MF Global's compliance systems were not fully upgraded under Corzine. Corzine did change the business model, using balance sheets, capital to make trades in the market. Sources inside the firm are telling me there wasn't a completed compliance regime in place to take into account the new proprietary trading business model. Once source tells FOX Business it has been two years since their last major compliance overhaul.”